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Mantra Venture Group Enters into LOI with China Based Manufacturer of Outdoor Solar Lights, LED Lights, Solar Power Home Generation Systems, Wind & Solar Hybrid Power Systems
Friday 15. August 2008 - Mantra China Ltd. Enters into Agreement with E.S.D. Environmental Protection and Technology Co., Ltd.
Mantra Venture Group Ltd. (“Mantra” – OTCBB:Â MVTG – FSE:Â 5MV) is pleased to announce that it has entered into a Letter of Intent to enter into Exclusive Distribution Agreement with E.S.D. Environmental Protection and Technology Co., Ltd. (“E.S.D.”) of the Peoples Republic of China. The Exclusive Distribution Agreement will allow Mantra to bring a number of innovative new products into the North American marketplace. These products are of interest to Mantra because they will contribute to a cleaner, greener world and to the reduction of carbon dioxide from day-to-day human activities.
E.S.D is located in Dongguan, Guangdong, mainland China, approximately a 1.5 hour drive from Hong Kong. E.S.D. has over 800 employees, including a team of highly qualified engineers and photovoltaic experts. They are one of the leading supplies of solar products and stay on the cutting edge of designing and manufacturing renewable solar energy products. E.S.D. develops and manufactures innovative outdoor solar lights, LED lights, solar power home generation systems, wind and solar hybrid power systems, solar charge controllers and other related products. These products cover over 50 product lines with more than 200 products. These products generate annual revenues of approximately US $30 million.
The Letter of Intent is entered into with Mantra China Ltd., a subsidiary of Mantra.
Mr. Dan Funaro, a member of Mantra’s Corporate Advisory Board has traveled to China a number of times to establish the relationship and to explore how Mantra will work with its partner. “This is not about specific products, it is about creating a two-way communication channel about green, sustainable, renewable products that will benefit both parties over the years”, he said.
Mantra China will selectively import chosen products which it sees as value to the North American market and will ensure that they are reviewed, tested and approved for use in North America. These products will then be launched, and subsequently driven to achieve their niche in the marketplace. In addition, Mantra China will represent the various other Mantra subsidiaries in taking their new “green” technologies generated by Mantra in North America, into China.
Larry Kristof, Mantra’s C.E.O., commented “in making this agreement with E.S.D. we have become aware of the remarkable resources that exists in this company and in China generally. We intend to mine the innovative technologies being developed there and to ensure their exposure to the wider world. This is true two-way trade, and it supports the Mantra vision: sustainable, renewable and profitable.”